National Grid Electricity Transmission PLC (NGGLN)

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National Grid Electricity Transmission PLC (NGGLN)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	UTIL	PRCD	NGGLN	National Grid Electricity Transmission PLC	£700		2	EMEA	Sep 9, 2019

Tranche #1National Grid Electricity Transmission PLC

currency

GBP

size (m)

300.000

maturity

Sep 16, 2026

type

Fixed

tenor

7.000

call

registration

Reg S Only

benchmark

ranking

Sr. Unsecured

moody's

s&p

A-

fitch

size description

re-open/tap

ipt

G+110-115

ipt-pxd

guidance

G+100-105

spread

100

coupon

1.375%

spread set

price

99.90200

yield

1.385%

book size (m)

650

peak book (m)

x-covered

2.17

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

650

peak book (m)

x-covered

2.17

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche #2National Grid Electricity Transmission PLC

currency

GBP

size (m)

400.000

maturity

Sep 16, 2038

type

Fixed

tenor

19.000

call

registration

Reg S Only

benchmark

ranking

Sr. Unsecured

moody's

s&p

A-

fitch

size description

re-open/tap

ipt

G+125-130

ipt-pxd

guidance

G+115 a

spread

108

coupon

2.00%

spread set

price

99.46500

yield

2.024%

book size (m)

900

peak book (m)

x-covered

2.25

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

900

peak book (m)

x-covered

2.25

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche Comments

7 yr: Book size: 650; Registration: Reg S Only; Comments: GBP300m 7yr part of dual tranche snr unsec Reg S only. A3/A-/A. HSBC(B&D)/Lloyds/NatWest/SG. IPTs G+110-115, guidance MS+100/105, set G+100, launched 300m on bk >650m. GIlt 1.5% 7/26 @10107.545 mid, 107.51 bid. FTT 4.15pm. MWC G+15, Par Call: 3m. Tax Call: No. PP: No. XD: No; 19 yr: Book size: 900; Registration: Reg S Only; Comments: GBP400m 19yr part of dual tranche snr unsec Reg S only. A3/A-/A. HSBC/Lloyds/NatWest(B&D)/SG. IPTs G+125-130, guidanceG+115 area, set G+108, launched 400m, bk >900m. Gilt 4.75% 12/38 HR 66% @166.830 mid, 166.66 bid. MWC G+20, Par Call: 3m. FTT 4.15pm. Tax Call: No. PP: No. XD: No;

Deal Comments

Joint Bookrunners: HSB(B&D) (7yr), LLY, NTW(B&D) (19yr), SOC

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